Markets & Prices

CPI Surges Sharply in January

The consumer price index (CPI) saw a month-on-month growth of 0.51 per cent and a year-on-year increase of 2.65 per cent, the General Statistics Office (GSO) reported.

Deputy Director of the Price Statistics Department Do Thi Ngoc attributed the big surge to higher demands before the Lunar New Year Festival.

Ten out of 11 groups of commodities and services saw rising prices. Specifically, medicine and health service experienced the sharpest price hike with 1.83 per cent while education saw the lowest cost increase of 0.03 per cent. Only post and telecom group witnessed a slight surge of 0.09 per cent.

According to the Deputy Director, petrol price adjustments on January 4 and 19, higher power costs, higher medical costs, and increasing demands for housing materials chiefly pushed the CPI up.